Life in old age brings many changes, also with regard to the housing situation. Seniors often want to stay in their own homes longer, but often have to make adjustments to cope with everyday life. But what actually happens to the property in old age? Are there ways to keep your home and still be financially secure? In this blog post, we present various options you have with your property in old age. From conversion and modernisation measures to selling or renting – find out everything you need to know about living in old age.
How to make your property suitable for old age: conversion measures
Over the course of time, a person’s needs and abilities change. Your own home should always remain a safe and comfortable place, even in old age. To ensure this, certain conversion measures can be useful. These include, for example, removing trip hazards such as carpets or thresholds, installing grab bars in the bathroom and toilet, and adapting doors and stairs to individual needs. The installation of a barrier-free shower or a level access to the flat will also make your everyday life easier.
Our tip: Professional advice will help you find and implement the right measures. We would be happy to put you in touch with a reliable service provider from our network!
Other ways of dealing with your property: renting it out and annuities
Renting out your own property can be a lucrative source of income. But what happens if, in old age, you are no longer able to manage the property yourself or take care of maintenance? One option would be to annuitise the property, also known as a life annuity. In this case, you transfer ownership of the property to a buyer and receive a lifelong annuity in return. The amount of the annuity depends on various factors, such as the value of your property and your age. The life annuity is therefore an interesting alternative to renting, as it provides a regular income without the hassle of self-management.
Property decisions in old age: when does it make sense to sell?
In old age, many people ask themselves whether they should keep or sell their property. This is a decision that depends on various factors. For example, if the house has become too big and the maintenance requirements are too high, selling it is a good idea. Also, if you want to move to a smaller flat to be closer to your family or for financial reasons, selling the property is an option. On the other hand, it can also be emotionally difficult to give up your own home. Here it is important to weigh things up and set individual priorities. However, it is important that you deal with the issue in good time and, if necessary, call in support from experts such as home4you.
Why is an estate agent important for your real estate project in old age?
In old age, many seniors ask themselves how they can best sell or rent out their property. This is where an estate agent is of great importance. Our specialised service for seniors offers you individual advice and assistance with all questions concerning the sale or rental of real estate in old age. We know the local market and will find a suitable solution for you through our experience and expertise. In addition, we take over all organisational tasks and accompany your sale or letting process until completion. In this way, we minimise the stress and strain on older people and lead your real estate project to success. We are also happy to support you in your search for a suitable property suitable for the elderly or advise you on alternative forms of living.
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